Tesla Directors Touted James Murdoch to Succeed Musk as Chairman

07 October, 2018, 17:42 | Author: Corey Lynch
  • Wil James Murdoch be the new Chairman of Tesla?

Elon Musk is photographed in NY. past year.

West made the comments Tuesday as he checked out student projects at the Detroit College for Creative Studies, a private art school.

US District Court Judge Alison Nathan asked on Thursday that both Musk and the SEC supply justification for the settlement reached over the Tesla privatisation fiasco.

The tweets may imperil a deal struck with the SEC on Saturday - which isn't final - that would bar him from serving as chairman of the car-maker for three years as a punishment for problematic tweets he sent about taking Tesla private. However, in what could be seen as a win for shareholders, the agreements essentially require Musk and the company to pay the fines out of their own funds.

"Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work", he said.

The SEC had charged Musk with securities fraud, alleging that he misled investors when he tweeted on August 7 that he had "funding secured" to privatize the electric automaker at US$420 a share, a substantial premium over its share price at the time. "And the name change is so on point!"

Elon Musk is again under the limelight as the Securities and Exchange Commission has accused him of the fraud and has filed a lawsuit.

U.S. District Judge Alison Nathan in Manhattan said her regular practice is to have parties submit a joint letter, in this case by October 11, to show why their settlement was fair and reasonable and would not hurt the public interest.




Tesla did not immediately respond to a request for comment on what Musk meant by the tweet.

Shares of Tesla closed down $12.97, or 4.4 percent, at $281.83, and fell another 2.1 percent to $276 following Musk's tweet after market hours. Musk is Tesla's largest shareholder, holding some 22% of the company's outstanding shares at the end of a year ago.

In fact, the head of the investors from Tesla wrote to Elon Musk whether the decision was the text legit.

BlackRock declined to comment on Musk's tweet.

Business Insider got a copy of the settlement documents, which lay out the specific terms that Tesla and Musk agreed to.

The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common.

"Someone has to get a hold of his Twitter account and stop him", Henning said.

According to the SEC, Tesla must create a committee of independent directors and "put in place additional controls and procedures to oversee Musk's communications", including on platforms like Twitter.

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